No phony earl, it's true (4)
I believe the answer is:
real
'true' is the definition.
(synonyms)
'no phony earl' is the wordplay.
'earl' can be anagrammed to 'REAL'.
However, I am not sure how the anagram is indicated.
'it's' acts as a link.
Can you help me to learn more?
(Other definitions for real that I've seen before include "Lear, strangely, could actually exist" , "Actual; coin" , "Genuine, not imitation" , "In America, this estate comprises land and buildings" , "Genuine or existing" .)